Savvy Shopper: How to find the right reward program for you

Types of Reward

In many of my articles, I have sung the praises of a program called Ebates. Among many ways to save money, I especially like it because it seems too good to be true yet is totally legitimate. Although you wouldn’t know it from my writings, there is actually an abundance of programs like Ebates. Like any set of offerings, each one has different strengths and weaknesses. In the interest of helping you sort through a plethora of possibilities, I thought I would give tips on selecting the right program for you:

Types of Reward

One of the biggest considerations is the kind of reward you are interested in. Out of all the programs, there are three major reward types: 1) Points to be redeemed for gift cards 2) Cash back. On a periodic basis, you receive a check for all the cash back for your accumulated earnings 3) Frequent flyer miles and hotel loyalty points. Major websites for each type of premium include:

An important consideration is the time required to receive benefits. Typically, the time needed to get your earnings is highest with points, with cash back falling in the middle and lowest for travel awards. With points, you must wait until you accumulate many points before redemption is possible. Depending on your spending level, this can take awhile. Airline miles are typically deposited in your loyalty account quickly after a transaction. Most cash back programs issue a check once a quarter so you will wait no more than 3-4 months to get paid.

Reward Level

Programs have varying earning rates depending on the retailer. For example, Kohl’s offers kickback rates ranging a low of 2.8 percent at Big Crumbs to 6 percent at Ebates. On the other hand, Home Depot offers a payback from a low of 3 percent at Ebates up to 4 percent at Mr. Rebates. In other words, check the reward levels for retailers you frequent and try to maximize the overall payoff.

Maxing Out

When my oldest daughter was little, she was once asked whether she wanted an ice cream or a Coke. When she politely replied, “I want an ice cream and a Coke”, I felt a surge of pride and knew she was a natural born Savvy Shopper. If you possess similar aptitude, you might want to maximize your earnings and use multiple reward programs simultaneously. By doing this, you can cherry pick depending on the earnings level. To expedite this task, there is a website called Ev’Reward (evreward.com/store). This is a really exceptional page that summarizes all the saving possibilities for a variety of stores. If you use this site, I am thoroughly convinced that maxing out is actually feasible. Believe it or not, I am only using Ebates and haven’t started this process yet. Give it time!

Traceability

In my book, an absolute must is traceability for all transactions. For example, Ebates issues ticket numbers for every purchase. By contrast, MyPoints doesn’t. When I had the misfortune of using them, MyPoints “lost” track of a majority of the transactions where I was due points. To make matters worse, the lack of traceability resulted in no decent way to prove that I was entitled. Conversely, Ebates’ ticket numbers have enabled me to get quick resolution when credits haven’t been issued. Since dropped balls are inevitable, you must have traceability if you want to get all you are owed.

My Experience

I have only used MyPoints and Ebates. Between the two, there is no comparison. To make a long story short, don’t bother with MyPoints. As you have read previously, I am well pleased with Ebates and recommend them. I plan on trying additional offerings and will update readers as I get additional information.

Hopefully, this article will give you a start to a whole new realm of saving. If you are intrigued by the possibilities but still have hesitation, next week’s article will detail the ins and outs of Ebates. While I have given bits and pieces about this program, I have never offered a complete explanation. If you are one of those who have been interested but avoidant due to a lack of knowledge, you will be loaded for bear after reading next Sunday’s AJ! If you have an idea on how to expand the savings, why not let Savvy Shoppers know about it? Please submit your thoughts to the Lubbock Savvy Shopper site on Facebook (Log on to Facebook and enter “Lubbock Savvy Shopper” in the search tool) or write us at SavvyShoppers@lubbockonline.com. Our group is thriving but, like an ice cream AND a Coke, more is better. Don’t miss out!

SEAN FIELDS is The A-J’s Savvy Shoppers. Read his columns Sundays and Wednesdays.